XAUUSD Retracement Targets Q2 2016

Gold has been bullish for all of 2016. Previous bullish waves from 2008-2011 experienced a 50% retracement before continuing. Price action must go below 1193 before another major bullish cycle can continue. The current price action appears to be forming a 3 month Head and Shoulders . The neckline has not been broken, so the right shoulder may potentially continue before crossing down. Additional Bearish target support can be found in multiple harmonic patterns . (*Note the Green Harmonic pattern is invalid but it contains 1337 and 1985, so it stays for demonstrative purposes...)